Hello and welcome to our Manhattan luxury real estate blog. Halstead Property, LLC is one of the most visible and fastest growing residential real estate brokerage firms in New York. Headquartered at 770 Lexington Avenue, the firm has more than 600 sales and rental agents throughout eleven prime retail offices in New York City including six in Manhattan.
RSS SubscribePricing to Sell
Is your home priced to sell, or is it currently serving as confirmation to buyers that they should buy someone else’s? If you are priced above other homes for sale in your area, chances are you’re only making a buyer feel good about purchasing the apartment down the street or on another floor in your same building.
On the flip side, the overpricing of other sellers gives a smart seller a competitive advantage. If your one bedroom apartment in Tribeca is $575,000 and most other people with comparable properties are marketing at $600,000 then yours will stand out from the crowd and buyers will more easily see its value.
Putting a price tag on a home is never easy, but deciding what to take into consideration when doing so is.
Considerations in Pricing:
- Previous closings of comparable homes
- Take into consideration the closing date – markets change!
- Other comparable homes competing with yours
- Buyers will be viewing all of them – how many are there? –how are they priced?
Ultimately, the closer you price to current market value the faster your home will sell. Market value is not how much you paid for improvements, what your home was worth last year and it doesn’t include the amount of money you need to get in order to make a profit from the sale.
Market Value = The price at which buyers and sellers trade the item in an open marketplace.
Regardless of whether the market is labeled a “buyers” or “sellers” market, this holds true. Real Estate agents don’t establish market value, but they can provide you with the data to consider when pricing, and will make recommendations for the best price to market your home.
If you need to sell a home now, look at the newest section of our homepage called the Value Factor. To participate, a property must meet several parameters and represent a true value in today’s market. Value isn’t just a price point, however. It can be found at every level of the marketplace from starter apartments to luxury homes. And value is what today’s buyer wants.
Posted By: 
Sharon Michnay
